Southeast

Marcus & Millichap Arranges $4.9M Sale of Shopping Center Near Myrtle Beach

by Alex Tostado October 17, 2019

MURRELLS INLET, S.C. — Marcus & Millichap has arranged the $4.9 million sale of an 18,035-square-foot, Publix shadow-anchored shopping center in Murrells Inlet. The seller, Columbia Prince Creek, developed the property in 2017 and previously sold the Publix in a separate transaction. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented Columbia Prince Creek in the sale of the center to MH Commercial Real Estate Fund LLC. “We were asked to assist in a parcellation exit strategy for the shopping center, which resulted in a more accretive exit price than a sale of the entire center would have achieved,” said lead agent Taylor. “To my knowledge, this is the first time this has ever been done with a new-construction Publix.” Tenants at the time of sale included Edward Jones & Co., Tidelands Health and a Heartland Dental outparcel. The property is located at 11920 S.C. Highway 707, 13 miles south of downtown Myrtle Beach.

October 17, 2019

Development Retail South Carolina Southeast

Halpern Delivers Two Retail Buildings within Piedmont Marketplace in Upstate South Carolina

by Alex Tostado October 17, 2019

GREER, S.C. — Halpern Enterprises Inc. has delivered two build-to-suit retail buildings within the 131,000-square-foot Piedmont Marketplace in Greer. The first delivery is a 6,000-square-foot building that Rack Room Shoes opened in August. The second project is a 2,500-square-foot building that Stanton Optical is expected to open later this fall. Piedmont Marketplace is located at 1326 W. Wade Hampton Blvd., two miles west of downtown Greer. Kohl’s anchors the retail center, which is fully leased. Other tenants include Ross Dress for Less, Ulta Beauty, Five Below and Tractor Supply.

October 17, 2019

Development Office Southeast Virginia

Joint Venture Breaks Ground on 187,000 SF Office Building in Charlottesville

by Alex Tostado October 16, 2019

CHARLOTTESVILLE, VA. — A joint venture between Apex Clean Energy, Riverbend Development, William McDonough + Partners and Hourigan Development has broken ground on an eight-story, 187,000-square-foot office building that will serve as each of the company’s headquarters. Apex will anchor the building, occupying 84,000 square feet and the top three floors. Apex will consolidate its three offices and 170 employees across Charlottesville. William McDonough + Partners designed the building, which will include 875 solar panels, a roof terrace, indoor bicycle storage and electric vehicle charging stations. Construction is expected to take approximately 20 months, with the building opening in mid-2021.

October 16, 2019

Acquisitions Development Office Southeast Virginia

Skanska Acquires Development Site for 201,000 SF Planned Office Building in Downtown Arlington

by Alex Tostado October 16, 2019

ARLINGTON, VA. — Skanska has acquired 3901 N. Fairfax Drive, the development site for a nine-story, 201,000-square-foot office building in downtown Arlington. The building will include 10,280 square feet of ground-level retail space. CallisonRTKL designed the building to include floor-to-ceiling windows on all four sides, a 4,000-square-foot rooftop terrace, fitness center, indoor amenity space and a second-floor terrace. The site is located within the Rosslyn-Ballston corridor, five miles west of downtown Washington, D.C. An investment affiliate of Bernstein Management Corp. sold the property for an undisclosed price. A timeline for completion was not disclosed.

October 16, 2019

Development Georgia Industrial Southeast

Southeastern Mills Opens 140,000 SF Distribution Center in North Georgia

by Alex Tostado October 16, 2019

ROME, GA. — Southeastern Mills has opened a 140,000-square-foot distribution center in Rome. The center is expected to handle more than 300 shipments per month for the Rome-based food company. The facility also offers a video conferencing system and automated doors with trailer restraints. Rome is situated 65 miles north of downtown Atlanta.

October 16, 2019

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

by Alex Tostado October 16, 2019

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, and three tennis courts. Bo Flurry and Justin Uffinger of NKF represented the seller, Heritage Income Properties, and the buyer, BH Equities, in the transaction.

October 16, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $23.3M Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado October 16, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt and Michael Brewster of JLL represented the seller, Brixmor Property Group, in the transaction. Core Investment Management acquired the property.

October 16, 2019

Florida Market Reports Multifamily Southeast Southeast Market Reports

Orlando Apartment Market Shows Long Runway for Future Growth

by Alex Tostado October 16, 2019

The Orlando multifamily market may have an appearance of being oversupplied and on shaky ground, but it is actually thriving and has a long runway for growth ahead. The Orlando MSA has an inventory of approximately 165,000 rental units and about 10,000 units under construction. While that new supply approaches historical high-water marks, the lack of inventory of entry-level, single-family homes and the complexion of the household formation leads us to the conclusion that we are undersupplied in the multifamily space. That being said, within the overall numbers there is likely an oversupply of Class A inventory and an undersupply of workforce housing. Vacancies are hovering in the 6 percent range and rent growth has slowed to around 3 percent after having stronger years. The undersupply of workforce housing is being exacerbated by the value-add business model being employed on most of the Class B and C buyers over the last five years, catapulting the average rents and straining the ability of the working-class to keep rent as a percentage of income at a healthy level. Overall, single-family homebuilding is at a 10-year high, but still well below the pre-recession days. Permits are also soaring, but the makeup of the …

October 16, 2019

Development Hospitality Southeast Tennessee

CBL Properties, Vision Hospitality Break Ground on Aloft by Marriott in Chattanooga

by Alex Tostado October 15, 2019

CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group Inc. have broken ground on a 135-room Aloft by Marriott in Chattanooga. The project is part of a redevelopment plan for a former Sears location at Hamilton Place mall. Aloft Chattanooga Hamilton Place will be located between The Cheesecake Factory and the future Dave & Buster’s. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using a smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga.

October 15, 2019

Acquisitions Development North Carolina Retail Southeast

Konover South Acquires Land Near Charlotte Premium Outlets, Plans 32,000 SF Retail Center

by Alex Tostado October 15, 2019

CHARLOTTE, N.C. — Konover South LLC has acquired a six-acre parcel for $4.8 million with plans to develop a 32,000-square-foot retail center. Located near Charlotte Premium Outlets, Freeman Retail Crossing will include a national steak restaurant, banking, mobile services and healthcare tenants. Konover South plans to break ground in early 2020 and expects to deliver Freeman Retail Crossing in the second quarter of 2021. The land is located on Steele Creek Road near I-485 in southwestern Charlotte.

October 15, 2019

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